Ship Finance - High Yield On The High Seas [View article]
Max, In my case it was because I believed what a financial site was telling me rather than going in to all the peer company financials (I don't have spreadsheets on them all). This is not an excuse, as there is no excuse for putting out a bad data point. Shame on me. I do, however, appreciate you bringing this to the surface so my error does not lead readers down a dead path with OSG. I truly appreciate the comment and the close reading that picked this up. Mike
Banco Santander: Clean Bill Of Health Spells Opportunity [View article]
The SAN-E will be paid in cash and has no withholding consequences unless you are a resident of Spain. It is the shares that have the withholding issues. Mike
Nokia - What The Bonds Are Telling Shareholders - Update 2 [View article]
Pee Dee, Thanks for commenting and adding to the insight. The shorter duration bonds have more liquidity, which should result in a tighter spread, but obviously in this case they do not. Curve inversion is typical in distressed situations due to numerous factors, accrual, make whole (which is part of a claim against the debtor) etc. Great insight, great comments. Rare to find another bond guy out there.
Forest City - 7%+ On The Debt Is Not Enough [View article]
Charles, Thanks for reading and commenting. It is always interesting to me to see who buys the bonds and better yet, why. I get the diversification aspect and all, but there are better bonds elsewhere. Mike
Forest City - 7%+ On The Debt Is Not Enough [View article]
FCE has been able to bring projects online, that is true. The development pipeline is still large - although their capital commitments appear manageable. Not saying the company is a bad operator, just that low B bonds that are junior in priority to mounds of debt need to be paid more and given the volatile FFO/earnings of the company, I don't see what drives higher share prices. You make a valid point and I appreciate your bringing it to the discussion. More information is better information, Thanks. Mike
Forest City - 7%+ On The Debt Is Not Enough [View article]
Investcos, Thanks for reading, and more importantly, commenting and adding to the discussion. I was trying to come up with comps in the REOC space, but could not really come up with any similar companies. I used REITs that hit their various sectors, realizing that a REOC has more flexibility due to their corporate structure. The company has decent properties, now it is time to increase shareholder returns. Thanks for the insight, I appreciate it. Mike
Forest City - 7%+ On The Debt Is Not Enough [View article]
KL, Thanks for reading and adding your insight (valuable as usual). The development pipeline is rather scary, as any number of things can complicate the process and become a cash sink hole. While the covenants on the debt are okay, there is too much in front of it in terms of priority. Non-recourse debt is good for equity holders as it helps drive ROE, but for debt holders, your assets have prior claims. It is an interesting company, but I just don't see any catalysts. Mike
REITs With Modest Leverage: Separating The Best From The Rest [View article]
Brad, Good article. Should Europe implode and global credit contract (again), those REITs that have delevered will hold in the best (as they did last time). Good info and good list. Mike
Forest City - 7%+ On The Debt Is Not Enough [View article]
Brad, thanks for reading and the comments. Interesting company with a ways to go. Better an equity investor than a debt investor (although what drives the equity????). Mike
Western Asset Mortgage Capital - The Story Before The Call [View article]
WMC is interesting, waiting for the initial dividend might be a bit of a stumbling block for many people to see the kind of div/yield they might pay. I am going to go through the slide deck and try to come up with a rough estimate. Mike
Western Asset Mortgage Capital - The Story Before The Call [View article]
Patrick, the best deals were 2 years ago or so. They initially filed in 2009 but shelved it until this year. They may be a little late, but they seem to have a very well established and vetted asset and liability management process (some overlook the liability side). Being a little late might also explain the 8.3x leverage (essentially the same as AGNC). I was thinking of you on the call when they were asked for swaps by time period and they said they would file an 8k with the information instead of just getting back to that investor - I know you have had issues at times with mREIT transparency. The call went well and I was impressed with their discussion - especially the hedging as hedging has been bleeding some of the other mREITS. Your thoughts? Mike
Western Asset Mortgage Capital - The Story Before The Call [View article]
I have to come out of REM as it will underperform those mREITs with strong management and business models. Why be exposed to the likes of Chimera and other weaker players? I like TWO and think WMC looks promising as well. Mike
Ship Finance - High Yield On The High Seas [View article]
Power Up Your Portfolio With Entergy Louisiana Bonds [View article]
Banco Santander: Clean Bill Of Health Spells Opportunity [View article]
Nokia - What The Bonds Are Telling Shareholders - Update 2 [View article]
mREIT Preferreds - Great Taste And Less Filling [View article]
Forest City - 7%+ On The Debt Is Not Enough [View article]
Forest City - 7%+ On The Debt Is Not Enough [View article]
Forest City - 7%+ On The Debt Is Not Enough [View article]
Forest City - 7%+ On The Debt Is Not Enough [View article]
REITs With Modest Leverage: Separating The Best From The Rest [View article]
Forest City - 7%+ On The Debt Is Not Enough [View article]
Banco Santander: Clean Bill Of Health Spells Opportunity [View article]
Western Asset Mortgage Capital - The Story Before The Call [View article]
Western Asset Mortgage Capital - The Story Before The Call [View article]
Western Asset Mortgage Capital - The Story Before The Call [View article]